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Marketing + Branding

4 Steps to Naming a Financial Services Company

written by Sheryl Theisen August 28, 2020
4 Steps to Naming a Financial Services Company

Done right, the name of your financial services company will be deeply personal and very telling. Potential customers will develop their own expectations based on the name of your business. Be aware that if it doesnโ€™t sit well, they’ll probably go elsewhere.

Developing a name should start with high-level brainstorming and then drill down to specifics. Naming shouldn’t be done alone. If possible, bring in a variety of people. Include co-workers as well as those not associated
with the business but who know you personally for the brainstorming sessions. Your business associates will be polite, but you need your friends to tell you the truth! “On Time Deliveries” is only a good company name if you’re actually punctual.

A STRONG BUSINESS NAME WILL STAND OUT, BE MEMORABLE, AND IS EASILY SHARED

Now that you’ve got your brainstorming hat on, a few friends and colleagues to help, and a financial services company to name, it’s time to get to work.

Follow these four main steps to naming a financial services company.

Step #1: Brainstorm

Start with whatever big ideas come to mind. Think quickly and write everything down. Using a whiteboard or wall makes it easy to visualize and move things around. Pro tip: Post-it notes are great to use during this process.

Every word will help you get to a great result, even if you feel the word isn’t right or silly at the time. There are name generators online but without your personal input, the results most likely wonโ€™t reflect your personality.

Related: Shift into Marketing Gear: Tips for Committing to Your Marketing Strategy

Step #2: Drill Down

What do the words say about you? What jumps out that points back to your passions and motivations? Catchy names work if youโ€™re Google or Amazon, but if youโ€™re not in that arena pick a name that says something meaningful. As you narrow down ideas, your brand value proposition should start to emerge and mirror the concepts you’re choosing.

Be honest with yourself. By answering these questions,
you start to develop the part of your business name that
reflects who you are:

โ€ข What motivates you to do what you do?
โ€ข What personal values or customer values drive your brand?
โ€ข Why should people trust you?
โ€ข Is there a personal story you want to tie your name to?

Stay focused and on target. These questions will turn
into the part of your name that says what you do:

โ€ข What does your company do?
โ€ข Why are these services a benefit to your customer?
โ€ข What will make the customer comfortable?
โ€ข What will make the customer trusting?
โ€ข What will make the customer satisfied?
โ€ข Who is your ideal customer?

people brainstorming to name a financial services company

Step #3: Review

Look for patterns. Look for strong words. Group similar words and concepts together. Using Thesaurus.com to discover synonyms and antonyms can assist with generating a list of words to consider and keep you from including a negative word. Pro tip: This step is a great time to sort through those post-it notes.

Also, look for ethnic or geographic offensesโ€”remember the Chevy Nova which in Spanish means โ€œno goโ€? Any words that miss the mark should be put in a separate pile but donโ€™t toss them. You may want to refer to that list to make sure one didnโ€™t somehow end up back on the board.

Sort your list and eliminate the unnecessary. If the word feels wrong today, itโ€™s going to feel worse later so toss it now. Trusting your gut feelings at this point will keep you on track. Consider these tips:

โ€ข Keep the words that reflect your companyโ€™s strengths
โ€ข Put in the discard pile any words and images you want to avoid
โ€ข Any word that is too hard to pronounce is best discarded

Be creative. There are no rules regarding your business name, so go ahead and be unique. Consider a combination of words that start as separate words but when combined correctly make a memorable and strong message. Bad Daddy Burgers would have been much worse had they
chosen Daddyโ€™s Bad Burgers.

Then, take your list of words and images and move them around. Play with ideas and messages until you find the names that accurately reflect your passion and intent.

Related: The Financial Professional’s Inbound Marketing Funnel [Infographic]

Step #4: Get Feedback

It’s possible to get too attached to the wrong name and miss the obvious (too funny, too negative), so take your top three choices and present them to an unbiased group.

If you need a wider group to help you in this step, consider an online crowdsourcing company. It costs you some money, but they can provide some outside input and help you land on target. Listen to all feedback and adjust your choices before making any final decisions.

Consider: Is your name in the CARE or the DON’T category?

Positive feedback will mean your name is:

  • Contextual โ€“ makes sense for your brand
  • Appealing โ€“ pleasant to say or hear
  • Remarkable โ€“ memorable and sharable
  • Evocative โ€“ clever and emotional

Negative feedback means the name is:

  • Difficult โ€“ canโ€™t spell or pronounce
  • Obscure โ€“ people donโ€™t โ€œget itโ€
  • Neutral โ€“ safe and mundane
  • Taken โ€“ already in the marketplace

Final Tips for Naming Your Financial Services Company

1. Consider avoiding using your name or location.

You may want to see your name in lights but staying too close to home can limit your potential business growth. โ€œSmith Shoe Shining of Mayberryโ€ doesnโ€™t leave much room for hats, handbags, or a running club when youโ€™re ready to expand.

2. Avoid names that are hard to spell or pronounce.

Write out the name and say it out loud. Even consider what it might sound
or look like if shortened. Do you really think a collaborative site that shares what teachers are talking about wanted to promote stalkers with teacherstalk.com?

3. Conduct a thorough name search.

All that work and someone already owns it? If thatโ€™s the case, consider an offshoot that still conveys your message. Sometimes a financial services company name sounds great until you realize it feels right because you already heard it. Also, if your name is too close to a similar business,
the Secretary of State may stop you from registering it.

4. Check for domain availability.

Heading to GoDaddy is a good next step to determine availability and
cost. They can offer suggestions if your name isnโ€™t available and can even incorporate your siteโ€™s email address and websites if you need it.

Keep in mind your domain extension can influence your search rankings and will help build brand recognition. Businesses typically use the “.com” extension, leaving the “.org” for the nonprofits and “.net” for networks.

5. Include your business structure.

Being a sole proprietor, an LLC, or an S corp will make a difference when you select your final name and if you plan to add โ€œInc.โ€ to the end. Legalzoom can help explain and get you started if you need help.

how to name a financial services business

Final Thought

The right message and tone will attract the right clientsโ€”decide if you want to blend in or stand out. Take the time, make the effort, and you’ll discover a business name that’s true to you.

Keep Learning: 10 Ways to Increase Your Social Media Reach & Engagement [Infographic]


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4 Steps to Naming a Financial Services Company was last modified: August 28th, 2020 by Sheryl Theisen
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